North Port Village
The Rose Affordable Housing Preservation Fund IV purchased North Port Village in April 2017. The 251-unit Senior Section 8 complex is located in Port Huron, MI, 60 miles north of Detroit. The property includes a ten-story high-rise tower and 14 detached townhome and garden-style flats. North Port’s amenities include a playground, basketball court and a clubhouse. The Fund secured this purchase off-market as part of the Forest City Portfolio acquisition.
The Fund secured a 23% increase in HAP payments for the property in May 2017. The capital budget includes in-unit appliance and carpet replacement, re-keying of doors and replacement to LED parking lot lights. The Fund plans a long-term hold of the property.
The Fund is implementing green improvements to achieve Enterprise Green Communities Certification at North Port’s high-rise building. Improvements include low-flow toilets and fixtures, LED lighting upgrades, CO2 detectors and mechanical adjustments. This work was approved by HUD to be paid from replacement reserves. In the townhomes, the Fund will undertake all capital measures with a five-year payback or less.
The Fund provides a Communities of Opportunity program including 16 garden plots, bike racks, healthy vending machines, yoga, bus service and a local service reference guide.
Improving operations of this senior Section 8 property near Detroit.